Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
SEBI fines Fortis Healthcare Holdings for disclosure lapses
Fine or penalty
In 2021, India's securities regulator, SEBI, fined Fortis Healthcare Holdings Rs 1 lakh. The regulator found that the entity had failed to make timely disclosures about a change in its shareholding in Fortis Healthcare Ltd. SEBI determined that this failure violated SAST Regulations. The penalty relates specifically to the disclosure lapse concerning the shareholding change.
India's securities regulator SEBI fined Fortis Healthcare Holdings Rs 1 lakh after finding that it failed to make timely disclosures about a change in its shareholding in Fortis Healthcare Ltd, violating SAST Regulations.
Source excerpt
Markets regulator Sebi on Monday slapped Rs 1 lakh fine on Fortis Healthcare Holdings — the erstwhile promoter entity of Fortis Healthcare Ltd — for disclosure lapses.
January 11, 2021 / 22:52 IST
Sebi found that Fortis Healthcare Holdings had failed to make timely disclosures about the change in shareholding in the prescribed format and has thereby violated the provision of Substantial Acquisition of Shares and Takeover (SAST) Regulations.
2018
Allegations involving the Singh brothers and Fortis funds
Fortis founders Malvinder Singh and Shivinder Singh resigned from the board after allegations that approximately $78 million had been siphoned from the company. The episode contributed to a governance crisis and preceded the change in control to IHH Healthcare.
2018
Daiichi Sankyo dispute and Fortis stake-sale proceedings
The Delhi High Court upheld a Singapore arbitration ruling requiring the Singh brothers to pay Daiichi Sankyo ₹3,500 crore in damages over alleged misrepresentation in the Ranbaxy sale. Daiichi Sankyo later pursued contempt proceedings, and the Supreme Court's status-quo order affected the proposed tender offer for additional Fortis shares.